A bankruptcy attorney is a legal professional who specializes in helping individuals and businesses navigate the complex legal process of bankruptcy. When individuals or businesses face overwhelming debt and financial difficulties, a bankruptcy attorney plays a crucial role in guiding them through the various options available, determining the most suitable bankruptcy chapter to file under, and advocating for their client’s best interests throughout the process.
One of the primary responsibilities of a bankruptcy attorney is to assess their client’s financial situation thoroughly. They will review income, expenses, assets, and liabilities to determine the most appropriate course of action. This may involve filing for Chapter 7 bankruptcy, which typically involves liquidating assets to pay off debts, or filing for Chapter 13 bankruptcy, which allows for a structured repayment plan.
Bankruptcy attorneys are well-versed in bankruptcy laws and regulations, which can be extremely intricate and vary from one jurisdiction to another. They help their clients complete the necessary paperwork, ensure that all legal requirements are met, and represent their clients’ interests in court if necessary.
The banking sector is undergoing a technological churn at present. The reason is twofold: changing customer needs and the rise of emerging technologies. As the Fin-tech start-ups are implementing advanced banking IT solutions to improve customer experiences around financial services, the large banks have no choice but to respond by innovating themselves.
Moreover, by 2024, digital banking users are expected to cross the 3.6 billion mark. Therefore, the future is digital, and the banking industry is no exception. People will access crucial banking features with the push of a button. The operating costs will significantly reduce with digital banking as they require minimum physical infrastructure and human resources, resulting in better interest rates and lesser cost of services
So, what encouraged this shift to digitalization in banking? And how banking technology solutions can overcome present challenges and help banks move towards a complete digital transformation? Let’s explore this further.
What Accelerated This Massive Shift to Digitalization in Banking?
There is no denying that cash usage diminished very fast during the pandemic. The lockdown led to a massive spike in online shopping and no-contact payments. With the development of innovative payment services by technology-driven Fin-Tech start-ups, payment through digital platforms became widely available. Moreover, these digital banking applications with advanced features such as real-time assistance, highly personalized offerings, shorter turnaround time, and easy accessibility enhanced customer experience, which led to their wide popularity. Such a situation demanded large banks respond with an array of digitization and innovation initiatives, in turn leading to a massive shift toward digitalization in banking.
Why is The Digital Transformation Route Essential for Banks?
Digital transformation can provide banks with direct benefits like addressing cyber security concerns, safeguarding consumer data, integrating digital payment platforms, and reducing the turnaround time for customer requests.
Moreover, through digital banking, banks can sell their services and products more quickly and expand their customer base by reaching the tech-savvy GenZ and millennials. As per McKinsey, multichannel interactions are preferred by 71% of consumers, and 25% of them desire a digitally-enabled personalized banking experience with the scope of human assistance as and when required. Thus, banking digitalization can not only help banks acquire new customers but also deliver a unique customer experience to the existing ones.
How Can Banks Bridge the Gap to Go Digital?
Here’s what banks can do to overcome the current challenges and march steadily toward a complete digital transformation:
Update Legacy Systems and Data Architecture
Focusing on digital technologies adoption and agile operating platforms can remove data silos and pave the way for a new-age banking ecosystem. API’s potential in banking is tremendous, related to updating legacy applications and making a smooth transition. Adopting an API banking platform that sits between the banks’ backend execution and front-end experiences allows banks to adopt agile business models and experiment with new banking technology solutions like blockchain at low cost to future-proof their systems.
Besides, many high-performing banks also leverage an enterprise-wide hybrid cloud for improved agility, data security, governance, and compliance by mobilizing large data sets in a matter of minutes to address business problems faster.
Leverage Robotic Process Automation and Artificial Intelligence
The volume of unstructured data that banks have to manage is increasing exponentially with the rise of the digital economy. It refers to both transaction data and behavioral data that can potentially help banks improve customer experience.
Robotic process automation (RPA) is a technology that can mimic human action and judgment at a higher speed, scale, and quality. RPA automates repetitive back-office tasks, such as finance and accounting processes, allowing employees to focus on less mundane and more critical tasks. When combined with other emerging technologies like Artificial Intelligence (AI), deep learning, and natural language processing capabilities, RPA’s cognitive and analytical aspects improve for comprehending human language better and handling more complex processes.
Abolish Traditional Risk Management Approaches
The nature of cybersecurity risks is changing rapidly. Therefore, traditional risk management approaches are becoming obsolete. The banking industry has to be nimble in its approach toward cybersecurity. Banks need to deploy advanced analytics-based real-time monitoring that detects threats early and prevents them from disrupting the systems. This use of Big Data analytics to get early visibility of threats and stop them from happening is called prescriptive security.
Therefore, although adopting new banking IT solutions increases vulnerability at the start, prescriptive security using Big Data provides the way forward to safeguard against ever-increasing data breaches.
Upskill Existing Talent at a Steady Pace
The adoption of emerging technologies is not the only criterion for digital transformation. Banks need to invest in upskilling small, high-performing, cross-functional teams and focus on their expansion as and when required. For successful digital transformation, banks must train employees to handle digital platforms efficiently and build a working environment that encourages agile project delivery.
Establish an Organization-Wide Digital-First Mindset
When digitalization in banking is the only way forward, but employees do not align with a digital-first mindset, it delays effective technology implementation. Therefore, before embarking on a journey to go digital, leaders should communicate with employees to make them understand that banking technology solutions are only employed to help and not replace them.
Digital Transformation is The Future
Sensing and responding rapidly to growing customer expectations with core digital capabilities is the only way forward. Wipro’s stellar team of digital transformation experts provides clients with digital strategy, consulting, readiness assessment, and product implementation. Our truly digital solutions influencing channels, payments, cards, emerging core (API banking), and credit services rethink, renew and redefine customers’ digital experience journey. Leverage our banking IT solutions to build a robust digital ecosystem that is scalable and future-proof.